Helpful, that. But in all honesty, it’s just this simple …
If you’re a buyer and you’re looking at homes under $125,000, you’re still going to be involved in multiple offer situations – after all, there only are 9,800 detached homes for sale across the entire Phoenix real estate market.
If you’re a buyer and you’re price point is between $125,000 and $175,000, you’d best decide somewhat quickly when you see a home that’s well priced and in good condition because, while you may not be facing multiple offers, those homes are selling in a bit of a hurry.
If you’re looking to purchase something above $175,000, and particularly above $200,000, for the most part you can proceed as usual – unless it’s a spectacular home at a tremendous price – as always, you’re not going to be the only person who came to that realization.
Flipping the script …
If you’re a seller, the time to get your home on the market is yesterday. Scarcity is your friend and that is disappearing ever so slowly. There are 15 percent more detached homes on the market today than there were three weeks ago. Think about that for a minute.
When you live in a market of tract homes, scarcity is a rare thing – there literally are a dozen or more other homes just like yours, no matter your upgrades or your tasteful decor. The fewer of those homes on the market at a given time, the better for those looking to sell.
DO NOT sit and wait while your neighbors define the market and get their homes sold. And DO NOT take as gospel the notion still coming from many agents that the Phoenix real estate market is as hot as ever. It just isn’t and all of the data supports this.
If you want to sell or if you need to sell, then sell. The grass likely isn’t going to be any greener on the other side of autumn. Unless you planted winter rye, but that’s another story for another time.